BREAKING: GBT strikes deal with DoJ over Full Tilt Poker
Groupe Bernard Tapie has reached a deal with the U.S. Department of Justice about the acquisition of Full Tilt Poker. The deal will remove a major obstacle for a completed sale and means that players will be repaid.
Groupe Bernard Tapie and the U.S. Department of Justice have come to terms about a deal, which will allow the French investor group to complete its takeover of Full Tilt Poker, Subject: Poker reports tonight.

According to the site, "multiple sources" have confirmed that an email was sent out to Full Tilt shareholders this morning from Ray Bitar, saying that all players worldwide stand to be repaid if Tiltware's shareholders agree to the deal.

"I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of companies comprising Full Tilt Poker," the email reads.

According to the cited email, the deal includes a two-way split of the repayment responsibilities; Groupe Bernard Tapie will assume the responsibility of paying all non-U.S. players, while American players will be repaid by the DoJ.

"My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time," the email adds.

It is reported that the DoJ will set up a fund in order to facilitate the reimbursement of U.S. players, although there is no indications of how long this process will take either.

The deal is a massive breakthrough in the negotiations between the parts, and will allow GBT to move on to applying for a new license in order to relaunch the site.

One pending condition still to be solved, however, is the approval by the FTP shareholders of the detailed deal.

In order for the the approval to go through, two thirds of shareholders must vote in favor of the proposed deal.

If this happens, payment of players worldwide will be initiated and GBT will be free to take over and relaunch the site under new ownership and management.
45 years ago
Yeah, let's just put the DoJ in charge of giving us our funds back... LOL...

Progress is progress I guess, but we'll just see how long that takes, and how much is going to be taken in taxes.
3 years ago
I have only a cpl hundred $$s in my FTP account but i think i would rather have the DOJ pay me than Bernard Tapie,lol,as i remember well how he paid off referees to win the European cup with Marseille football club and alot of other shady stuff,i was quite happy that he done it though as it stopped my rival team Glasgow Rangers from winning it,lol,they always moaned that Marseille bribed many many people and cheated them,they also cheated in their league games and got found guilty and im sure he went to jail but this was way back in 1992/93,we can only hope we get our money 1way or another.

3 years ago
T
Interesting way to break up payment of players. I guess it allows GBT to pay all of the international players before re-opening the site so that all players that come back are all square with FTP. On the other hand, it allows for the site to re-open before ANY Americans have been paid and basically cuts them out of the process completely.

If I were not an American I would be really happy about this deal and would be really excited to be back to playing on FTP before too long (hopefully). But as an American I am bummed because the DoJ will have NO incentive to pay people back quickly. The money is there, I imagine, due to the fact that the DoJ took hundreds of millions from the higher ups at FTP and so hopefully payment will be quick. That being said, I am not holding my breath.

But like Murphy said, I guess this is progress and it's good news for non-American players that want to get back to the felt or at least get their money back.
3 years ago
K
Hell, I think this is great news. Better than what we had before. I think the DOJ will find a way to at least pay out the US players. With all the money they've confiscated. I honestly don't think its going to be much of a problem.
3 years ago
208
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Gr8 news
3 years ago
+1
3 years ago
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